Airbnb Inc. (NASDAQ: ABNB) reported third-quarter earnings that came in below Wall Street forecasts due to higher investment spending but issued upbeat fourth-quarter guidance as travel demand and long-term bookings continued to strengthen.

The home-sharing platform posted earnings of $2.21 per share on revenue of $4.1 billion, missing analyst expectations for $2.31 per share on revenue of $4.08 billion. Adjusted EBITDA margin fell to 50% from 52% a year earlier.

Gross booking value increased 14% from a year ago, while nights and seats booked rose 9%.

Looking ahead, Airbnb projected fourth-quarter revenue between $2.66 billion and $2.72 billion, representing year-over-year growth of 7% to 10% and topping consensus estimates of $2.67 billion. Gross booking value for the quarter was expected to rise at a low double-digit pace.

For full-year 2025, Airbnb forecast an adjusted EBITDA margin of about 35%, up from its prior view of at least 34.5%.